I want to remind everyone, we talked on stream about that 50% retrace being the PCZ of a bullish 5-0 and so long as we hold up above this critical level, we are in good shape. I would not rule out the wick being revisited to absorb remaining supply, but we can anticipate that while we are above this zone. If we hold, historically 55500 next, and we do have a gap fill from Friday on futures at 53k.
The bigger picture though, is the harmonic structuring of all these patterns including a possible .786 ABCD, are all confluent with a bullish continuation and if we do in fact hold these levels, we would develop hidden bullish divergence at the pivot on the daily.
I like the MACD as well, forming an IHS type structuring in that zone as well which is indicative of 3 phase distribution, and ultimately a reversal.
The money flow has a positive cross here and is above the on balance volume oscillator in white. This is a bullish indicator and would imply a continuation of the bullish trend if it can maintain above it. Similar to a moving average stradegy, bullish above, bearish below.
If we break that 48k level and also the local bottom around 46,600, it could get messier, but bullish in the bigger picture above 41k, which is the PCZ of the Shark, the wick low, and the lower range supply zone
Its a wait and see moment for me until we get some more information, but im bullish if we hold up here, buying if we return to the .886 low
The bigger picture though, is the harmonic structuring of all these patterns including a possible .786 ABCD, are all confluent with a bullish continuation and if we do in fact hold these levels, we would develop hidden bullish divergence at the pivot on the daily.
I like the MACD as well, forming an IHS type structuring in that zone as well which is indicative of 3 phase distribution, and ultimately a reversal.
The money flow has a positive cross here and is above the on balance volume oscillator in white. This is a bullish indicator and would imply a continuation of the bullish trend if it can maintain above it. Similar to a moving average stradegy, bullish above, bearish below.
If we break that 48k level and also the local bottom around 46,600, it could get messier, but bullish in the bigger picture above 41k, which is the PCZ of the Shark, the wick low, and the lower range supply zone
Its a wait and see moment for me until we get some more information, but im bullish if we hold up here, buying if we return to the .886 low
discord.gg/2b6UjxEY
Join our free discord.
Join our free discord.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
discord.gg/2b6UjxEY
Join our free discord.
Join our free discord.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.